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We are approved to provide CPE/CE credits to Tax Professionals
- IRS
- NASBA
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Preparing Form 706: Learn Effective Preparation Of The Federal Estate Tax Return
- Jan 27, 2022 Thursday | 01:00 PM ET | 12:00 PM CT | 10:00 AM PT | Duration: 240 Minutes
- Credit: IRS Credits: 4.0 | NASBA Credits: 4.0 | QAS: 4.0 |
Webinar Instruction will be emailed on your registered email address 3 days prior to webinar | Web Download / e-Transcript will be shared in 7 working days from the date of webinar
The Form 706 has been cited as the source for the greatest number of error and omission claims against the accountancy profession. The estate tax return is likely the most complex and consequential federal return that most practitioners will face. Special focus will be given to introduce practitioners to Form 706, review a sample return on the death of the first spouse and a return making a portability election for the estate of the deceased spouse. A review of the basics in preparing Form 706, and making the portability election for the estate of the deceased spouse. Master the portability of the deceased spousal unused exclusion amount, which is a fast-growing compliance opportunity for clients. Review how the portability election can provide significant estate tax insurance for the surviving spouse and income tax insurance for beneficiaries. Also, study the completion of each of the schedules and make available elections. Further, discuss requirements arising from the most recent changes in federal estate tax law, and the latest edition of Form 706. We'll also review income tax basis consistency reporting rules with the preparation of Form 706. Additional content will be leveraged to increase basic understanding. Federal estate tax returns remain the most difficult and trap-strewn of all returns required for the estate. This course will prepare beginning practitioners to identify problems and traps before they arise, and recommend steps to protect a practice
Session Highlights:
- Learn how to prepare each schedule to the Form 706, using a sample return as an illustration.
- Understand when the Form 706 is due…. This may seem simple, but it has been a problem for many practitioners.
- Highlights of portability elections to make the deceased spousal unused exclusion amount (DSUA) available to the surviving spouse-- especially important in light of possible changes to the estate tax law and a source of omission claims against practitioners who overlook this election or its benefits.
- Receive key practice pointers to save taxes and avoid liability claims (extension of time to file and pay estate tax, importance of requesting gift tax return transcripts from the IRS, how to effectively make formula-based marital deduction and generation-skipping transfer tax (GST) elections, and how to present the Form 706 to reduce audit risk and issues).
- Learn about valuation discounts (including on the death of the first spouse) and how to work with appraisers for effective appraisal results.
- Complete understanding of estate and gift taxation.
- Income tax consequences.
- Overlooked GST issues.
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
Speaker Profile:
Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.
Credits and Other information:
- Recommended CPE credit – 4.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS-T-00029-21-O
- Attendance Requirement: Yes
- Session Duration: 4 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
IRS Credits
NASBA Credits
QAS
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